Deutsche Bank on Sunday announced former UBS AG finance chief John Cryan to the position of CEO. Cryan will replace co-CEOs Anshu Jain and Juergen Fitschen. Jain will step down on June 30, while Fitschen will remain as co-CEO until May 2016. The company says the co-CEO role will allow for a “smooth transition.” The bank noted that it chose Cryan at an “extraordinary meeting” on Sunday.
Jain was recently given more power in a move criticized by some of his own staff. Deutsche Bank has suffered from various regulatory and legal problems in recent years, including a problem into manipulation of benchmark interest rates, mis-selling of derivatives, tax evasion and money laundering.
Fitschen is on trial in Germany on charges that he gave misleading testimony in a civil lawsuit involving the Kirch media empire.
Jain released the following statement after the company announced plans to terminate his employment:
“It has been 20 years this month since I came to work at Deutsche Bank and it has been an extraordinary time. Over the past three years, I have been afforded the privilege and honour to lead this great institution together with Jürgen. In our time as the bank’s leaders, we have boosted capital, reduced exposures and risk and invested significantly in technology, control and compliance capabilities. Most significantly, we have kept our clients happy and our revenues growing while reshaping and strengthening the bank.” I believe that with Strategy 2020 in place, which puts the bank’s future on a strong track, it is right for the bank and for me to have new leadership at this time. I will be forever honored to have served here, and I am convinced that the future of the bank is bright and in very good hands.”
No further statements have been released by Deutsche Bank at this time.